Group 1: Manufacturing Purchasing Managers Index (PMI) Recovery - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 industries from the previous month, indicating an overall expansion in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points from the previous month, suggesting accelerated production activities and improved market demand [2] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points, reflecting enhanced procurement willingness among enterprises due to the recovery in production and demand [2] Group 2: Price Index Recovery - The main raw material purchase price index and factory price index were at 48.4% and 46.2%, respectively, both rising by 1.5 percentage points, indicating an overall improvement in manufacturing market prices [3] - The increase in prices was influenced by rising international crude oil prices, particularly affecting the petroleum, coal, and other fuel processing industries, while the black metal smelting and rolling processing industries saw a decline in price indices due to falling iron ore prices and insufficient terminal demand [3] Group 3: Business Activity Index in Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.5%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5] - The service industry business activity index was at 50.1%, slightly down by 0.1 percentage points, with certain sectors like telecommunications and financial services showing strong growth, while consumer-related sectors experienced a decline [5] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating a recovery in construction activities, particularly in civil engineering [5] Group 4: Comprehensive PMI Output Index - The comprehensive PMI output index was at 50.7%, up by 0.3 percentage points, indicating an overall acceleration in production and business activities across enterprises [6] - The manufacturing production index and non-manufacturing business activity index were at 51.0% and 50.5%, respectively, contributing to the overall expansion reflected in the comprehensive PMI output index [6]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) in China rose for two consecutive months, indicating a continuous improvement in manufacturing sentiment [2][4] - In June, the manufacturing PMI reached 49.7%, an increase of 0.2 percentage points from the previous month, signaling a stable expansion in production activities [2][4] - The new orders index returned to the expansion zone at 50.2%, reflecting a stable expansion in both supply and demand within the manufacturing sector [4][6] Group 2 - The non-manufacturing sector continued to expand, with the business activity index showing a slight increase while remaining in the expansion zone [8] - Key industries such as telecommunications, financial services, and insurance reported business activity indices above 60%, indicating robust growth in these sectors [8] - The construction industry, particularly civil engineering, maintained a high business activity index above 55% for three consecutive months, driven by increased investment activities [10] Group 3 - The resilience of the Chinese economy is highlighted by the strong internal momentum and stable production operations, with the PMI serving as a crucial leading indicator [12][14] - Despite short-term fluctuations due to external factors, the overall economic growth remains stable, supported by ongoing policies aimed at boosting investment and consumption [14]

Core Viewpoint - The manufacturing sector in China shows signs of improvement, with the Purchasing Managers' Index (PMI) for June rising to 49.7%, marking a 0.2 percentage point increase from the previous month, indicating a continuous upward trend for two consecutive months [1] Manufacturing Sector Summary - The PMI for the equipment manufacturing industry reached 51.4%, up 0.2 percentage points from last month, with both production and new orders indices above 53% [5] - The high-tech manufacturing PMI stood at 50.9%, remaining stable compared to last month, with production and new orders indices around 52% [5] - The consumer goods manufacturing PMI increased to 50.4%, a rise of 0.2 percentage points, reflecting steady growth [7] - The basic raw materials industry PMI rose by 0.8 percentage points, ending a three-month decline [7] Enterprise Type Analysis - Large enterprises continued to expand, with their PMI at 51.2%, an increase of 0.5 percentage points from last month, indicating significant support for the overall manufacturing sector [9] - The PMI for medium-sized enterprises increased by 1.1 percentage points, ending a two-month downward trend, with new orders index rising over 4 percentage points, showing a notable recovery in demand [11] Non-Manufacturing Sector Summary - The non-manufacturing business activity index for June was 50.5%, a slight increase of 0.2 percentage points, indicating continued expansion [11] - The service industry business activity index was 50.1%, showing stability in the sector [11] - The construction industry business activity index rose to 52.8%, up 1.8 percentage points, indicating a recovery in activity levels [11] - The civil engineering construction index was at 56.7%, remaining above 55% for three consecutive months, suggesting rapid progress in infrastructure projects [11] - Investment-related activities in the construction sector have shown significant recovery, supported by the expansion of special bond investments [11]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1][18] - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in manufacturing [2][19] - The new orders index rose to 50.2%, an increase of 0.4 percentage points, indicating improved market demand [3][19] Group 2: Manufacturing Sub-indices - The raw materials inventory index was 48.0%, up 0.6 percentage points, indicating a continued narrowing of the decline in raw material inventory levels [3][19] - The employment index decreased to 47.9%, down 0.2 percentage points, reflecting a slight decline in employment sentiment within manufacturing [3][19] - The supplier delivery time index was 50.2%, an increase of 0.2 percentage points, indicating faster delivery times from suppliers [3][19] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index was 50.5%, up 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [6][22] - The construction industry business activity index rose to 52.8%, an increase of 1.8 percentage points, indicating accelerated expansion in construction activities [7][23] - The service industry business activity index was 50.1%, a slight decrease of 0.1 percentage points, indicating stability in the service sector [7][23] Group 4: Non-Manufacturing Sub-indices - The new orders index for non-manufacturing was 46.6%, up 0.5 percentage points, indicating a slight recovery in market demand [10][22] - The input prices index was 49.9%, up 1.7 percentage points, indicating stable input prices for non-manufacturing activities [10][22] - The business activity expectation index was 55.6%, down 0.3 percentage points, indicating continued optimism among non-manufacturing enterprises [11][22] Group 5: Comprehensive PMI Overview - The comprehensive PMI output index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities [16][24] - The manufacturing production index and non-manufacturing business activity index were 51.0% and 50.5%, respectively, contributing to the overall expansion [24][18]

Group 1: Manufacturing PMI Overview - In June, the Manufacturing Purchasing Managers' Index (PMI) was 49.7%, an increase of 0.2 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [2][22]. - The production index was 51.0%, up 0.3 percentage points, suggesting accelerated production activities in the manufacturing sector [6][23]. - The new orders index reached 50.2%, rising by 0.4 percentage points, reflecting an improvement in market demand for manufactured goods [7][23]. Group 2: Enterprise Size Analysis - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, remaining above the critical point, indicating robust performance [4][24]. - Medium-sized enterprises had a PMI of 48.6%, an increase of 1.1 percentage points, but still below the critical threshold [4][24]. - Small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points, indicating weaker performance [4][24]. Group 3: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [11][26]. - The construction sector's business activity index rose to 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities [13][26]. - The service sector's business activity index was 50.1%, slightly down by 0.1 percentage points, indicating stability but with some sectors experiencing reduced activity [13][26]. Group 4: Comprehensive PMI Insights - The Comprehensive PMI Output Index was 50.7%, an increase of 0.3 percentage points, indicating an overall acceleration in production and business activities across sectors [21][27]. - The manufacturing production index and non-manufacturing business activity index contributed to this comprehensive index, standing at 51.0% and 50.5% respectively [27].

Group 1: Manufacturing Purchasing Managers Index (PMI) - In June, the manufacturing PMI rose to 49.7%, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 from the previous month, indicating an overall expansion in manufacturing sentiment [2] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing improvements of 0.3 and 0.4 percentage points, suggesting accelerated production activities and improved market demand [2] - Large enterprises reported a PMI of 51.2%, up 0.5 percentage points, indicating significant support for the manufacturing sector, while small enterprises saw a decline in PMI to 47.3%, down 2.0 percentage points [3] Group 2: Non-Manufacturing Business Activity Index - The non-manufacturing business activity index reached 50.5%, an increase of 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [4] - The construction industry showed a notable increase with a business activity index of 52.8%, up 1.8 percentage points, reflecting a recovery in construction activities, particularly in civil engineering [4] - The business activity expectation index for the non-manufacturing sector was at 56.0%, indicating optimism among service industry enterprises regarding future developments [4] Group 3: Comprehensive PMI Output Index - The comprehensive PMI output index rose to 50.7%, an increase of 0.3 percentage points, indicating an acceleration in overall production and business activities across enterprises [5] - The manufacturing production index and non-manufacturing business activity index contributed to the comprehensive PMI output index, standing at 51.0% and 50.5%, respectively [5]

Core Insights - The Purchasing Managers' Index (PMI) for China's manufacturing sector in May is reported at 49.5%, indicating an improvement in manufacturing sentiment [1] Group 1: PMI by Enterprise Size - Large enterprises have a PMI of 50.7%, which is an increase of 1.5 percentage points from the previous month and above the critical point [1] - Medium-sized enterprises have a PMI of 47.5%, a decrease of 1.3 percentage points from the previous month and below the critical point [1] - Small enterprises have a PMI of 49.3%, an increase of 0.6 percentage points from the previous month but still below the critical point [1] Group 2: PMI Sub-Indices - The production index is at 50.7%, rising by 0.9 percentage points from the previous month, indicating an acceleration in manufacturing activity [1] - The new orders index is at 49.8%, an increase of 0.6 percentage points from the previous month, suggesting a rebound in market demand for manufacturing [1] - The supplier delivery time index is at the critical point, while the raw material inventory index and employment index are both below the critical point [1]

Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.7% in June, with 11 out of 21 surveyed industries in the expansion zone, an increase of 4 industries from the previous month, indicating an overall improvement in manufacturing sentiment [2][3] - The production index and new orders index were at 51.0% and 50.2%, respectively, both showing increases of 0.3 and 0.4 percentage points from the previous month, suggesting accelerated production activities and improved market demand [3] - The purchasing volume index increased to 50.2%, up by 2.6 percentage points, reflecting enhanced procurement willingness among enterprises due to the recovery in production and demand [3] Group 2: Price Index Trends - The main raw material purchase price index and factory price index rose to 48.4% and 46.2%, respectively, both up by 1.5 percentage points, indicating an overall improvement in manufacturing market price levels [3] - The increase in prices was influenced by rising international crude oil prices, particularly affecting the petroleum and coal industries, while the black metal smelting and processing industries saw a decline in price indices due to falling iron ore prices and insufficient terminal demand [3] Group 3: Enterprise Size and Industry Performance - Large enterprises reported a PMI of 51.2%, up by 0.5 percentage points, indicating significant support for the overall manufacturing sector, while medium-sized enterprises saw a PMI of 48.6%, an increase of 1.1 percentage points, showing improved sentiment [4] - The equipment manufacturing, high-tech manufacturing, and consumer goods industries all maintained PMIs above 50, indicating continued expansion, with equipment manufacturing showing particularly strong activity with production and new orders indices above 53.0 [4] Group 4: Non-Manufacturing Sector Insights - The non-manufacturing business activity index rose to 50.5%, up by 0.2 percentage points, indicating continued expansion in the non-manufacturing sector [5] - The service sector's business activity index was stable at 50.1%, with certain industries like telecommunications and financial services showing strong growth, while consumer-related sectors experienced a decline in activity [5] - The construction sector's business activity index increased to 52.8%, up by 1.8 percentage points, reflecting a recovery in construction activities, particularly in civil engineering [5] Group 5: Comprehensive PMI Overview - The comprehensive PMI output index rose to 50.7%, up by 0.3 percentage points, indicating an acceleration in overall production and business activities across enterprises [6] - The manufacturing production index and non-manufacturing business activity index contributed to this increase, standing at 51.0% and 50.5%, respectively [6]

Core Insights - The S&P Global Flash Australia PMI Composite Output Index rose from 50.5 in May to 51.2 in June 2025, indicating accelerated growth in Australia's private sector, primarily driven by the service sector [1][2] - Manufacturing output also showed signs of recovery in June, although export orders significantly declined [1][2] - Business confidence improved in June, with an increase in employment numbers, while input costs and product prices saw a decrease, reaching the lowest level in over four and a half years [1] Economic Indicators - The June PMI data indicates that the private sector is expanding, as the index remains above the 50-point threshold [2] - The manufacturing PMI output index increased from 49.8 in May to 50.4 in June, while the services PMI rose from 50.6 to 51.3 [2] - The overall economic activity is supported by domestic demand, despite a notable contraction in export orders, marking the most significant decline in nearly a year [1][2] Future Outlook - Forward-looking indicators suggest that manufacturing output is expected to continue increasing, although there are significant differences in new orders and business confidence between manufacturing and services [1] - The rising uncertainty is particularly impacting the manufacturing sector, leading to expectations of further interest rate cuts by the Reserve Bank of Australia in the latter half of 2025 [2]

Group 1: Manufacturing PMI Overview - In May, the Manufacturing Purchasing Managers' Index (PMI) was 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing activity [1] - Large enterprises had a PMI of 50.7%, up 1.5 percentage points, while medium-sized enterprises saw a PMI of 47.5%, down 1.3 percentage points, and small enterprises had a PMI of 49.3%, up 0.6 percentage points [1] - The production index was at 50.7%, rising 0.9 percentage points, indicating an acceleration in production activities [1] Group 2: Manufacturing Sub-Indices - The new orders index was 49.8%, up 0.6 percentage points, suggesting a recovery in market demand [2] - The raw materials inventory index was 47.4%, up 0.4 percentage points, indicating a narrowing decline in inventory levels [2] - The employment index was 48.1%, up 0.2 percentage points, reflecting an improvement in employment conditions within the manufacturing sector [2] - The supplier delivery time index was at 50.0%, down 0.2 percentage points, indicating stable delivery times compared to the previous month [2] Group 3: Non-Manufacturing PMI Overview - In May, the Non-Manufacturing Business Activity Index was 50.3%, a decrease of 0.1 percentage points, but still above the critical point, indicating continued expansion in the non-manufacturing sector [5] - The construction industry business activity index was 51.0%, down 0.9 percentage points, while the service industry index was 50.2%, up 0.1 percentage points [8] Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing was 46.1%, up 1.2 percentage points, indicating a rebound in market demand [10] - The input prices index was 48.2%, up 0.4 percentage points, suggesting that input prices remained below the previous month's level [10] - The sales prices index was 47.3%, up 0.7 percentage points, indicating a narrowing decline in sales prices [10] - The employment index for non-manufacturing was 45.5%, stable compared to the previous month, indicating stable employment conditions [10] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.4% in May, an increase of 0.2 percentage points, indicating that production and business activities continued to expand overall [15]